- Regulation of banks — Controlled activities — Regulated activities — Bank of England
This chapter examines the reform of financial services regulation in the UK. The objective of the UK's most recent regulatory reforms has been to strengthen the role and function of the Bank of England at the centre of the UK financial system. This was considered necessary, in particular, in light of the need to monitor and manage the financial markets as a whole. The chapter outlines the regulatory background to the establishment of the integrated system of financial control set up under the Financial Services and Markets Act 2000 and its amendment, in particular, under the Banking Act 2009, Financial Services Act 2010, and Financial Services Act 2012 (FSA 2012). It also considers the principal events surrounding the financial crisis in the UK and the immediate official response to it. Finally, it discusses the role and function of the Bank of England under the revised regulatory structure.